The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Strong socioeconomic fundamentals are supporting growth prospects for insurance in six major Association of Southeast Asian Nations (ASEAN) markets, according to Moody’s Investors Service. However, it stresses that the pace and quality of growth will vary by geography. In a new report, Insurers – ASEAN: Growth comes through new policies and innovations, Moody’s looks at six ASEAN markets: Singapore, Thailand,…

Swiss Re Corporate Solutions has launched a parametric trigger-based, standalone, haze insurance solution for businesses operating in Singapore. The coverage protects companies from a potential loss of income and reduced trade if a haze event hits Singapore. Southeast Asia has suffered badly from haze outbreaks during the past two decades, mainly because of the burning of peat forests in the…

Speciality (re)insurer Canopius has appointed Nattakorn Wattanaumphaipong as its new head of reinsurance, Asia-Pacific. Based in the (re)insurer’s Singapore office and reporting to reinsurance chief underwriting officer Jamie Wakeling, he will assume his new role from January 2019. Mr Wattanaumphaipong has been recruited from Swiss Re, where he held a number of senior roles during a 13-year career. Most recently…

Specialty reinsurer Canopius has parted company with the chief executive of its Asia division, Linus Phoon. Mr Phoon, who was also head of reinsurance for Asia, had spent more than a decade at Canopius, joining the reinsurer in 2007 to establish its Asia business, which opened in Singapore in 2008. Prior to his time at Canopius, Mr Phoon had led…

Global broker Willis Towers Watson (WTW) has promoted Scott James Burnett to head of its corporate risk and broking (CRB) division in Asia. Mr Burnett is already WTW’s head of Asia but will now add the CRB unit to his responsibilities with immediate effect. He will also continue to be based in Singapore. According to WTW, the appointment of Mr…

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Beazley has launched a worldwide event cancellation insurance product for registered charities to protect costs and loss of revenue. Beazley said the bespoke product covers charities for income that would have been raised at events, ranging from donations to raffles. The insurer added that charity clients will receive a 10% discount on its standard event cancellation premium. Seren Eaglestone, contingency…